LKCM Small Cap Equity Fund
Schedule of Investments
March 31, 2026 (Unaudited)
| COMMON STOCKS - 95.4% | Shares | Value | ||||||
| Aerospace & Defense - 2.8% |
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| Karman Holdings, Inc. (a) |
60,000 | $ | 4,803,000 | |||||
| Mercury Systems, Inc. (a) |
60,778 | 4,431,324 | ||||||
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| 9,234,324 | ||||||||
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| Banks - 8.1% |
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| Cullen/Frost Bankers, Inc. |
29,615 | 4,059,624 | ||||||
| First Financial Bankshares, Inc. |
126,194 | 3,716,413 | ||||||
| Glacier Bancorp, Inc. |
71,613 | 3,198,953 | ||||||
| Hilltop Holdings, Inc. |
72,049 | 2,580,795 | ||||||
| Home BancShares, Inc. |
162,789 | 4,383,908 | ||||||
| UMB Financial Corp. |
34,624 | 3,905,241 | ||||||
| Webster Financial Corp. |
64,812 | 4,499,249 | ||||||
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| 26,344,183 | ||||||||
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| Beverages - 3.2% |
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| Primo Brands Corp. |
246,108 | 4,634,214 | ||||||
| Vita Coco Co., Inc. (a) |
121,260 | 5,809,566 | ||||||
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| 10,443,780 | ||||||||
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| Biotechnology - 1.2% |
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| Halozyme Therapeutics, Inc. (a) |
60,000 | 3,877,800 | ||||||
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| Broadline Retail - 1.1% |
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| Ollie’s Bargain Outlet Holdings, Inc. (a) |
38,884 | 3,578,883 | ||||||
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| Building Products - 2.4% |
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| AAON, Inc. |
48,412 | 4,006,093 | ||||||
| CSW Industrials, Inc. |
15,197 | 3,960,034 | ||||||
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| 7,966,127 | ||||||||
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| Capital Markets - 3.5% |
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| Donnelley Financial Solutions, Inc. (a) |
79,644 | 3,754,418 | ||||||
| Miami International Holdings, Inc. (a) |
74,438 | 2,897,127 | ||||||
| Piper Sandler Cos. |
61,352 | 4,696,496 | ||||||
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| 11,348,041 | ||||||||
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| Chemicals - 1.4% |
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| Hawkins, Inc. |
29,362 | 4,510,003 | ||||||
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| Commercial Services & Supplies - 1.0% |
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| Casella Waste Systems, Inc. - Class A (a) |
40,924 | 3,246,910 | ||||||
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| Communications Equipment - 5.9% |
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| Ciena Corporation (a) |
22,078 | 8,571,342 | ||||||
| Lumentum Holdings, Inc. (a) |
14,911 | 10,478,854 | ||||||
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| 19,050,196 | ||||||||
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| Construction Materials - 0.8% |
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| Eagle Materials, Inc. |
14,319 | 2,712,735 | ||||||
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| Consumer Finance - 1.7% |
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| FirstCash Holdings, Inc. |
29,091 | 5,469,108 | ||||||
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| Diversified Consumer Services - 1.1% |
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| OneSpaWorld Holdings Ltd. |
155,857 | 3,576,918 | ||||||
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| Electrical Equipment - 1.0% |
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| Generac Holdings, Inc. (a) |
16,020 | 3,129,187 | ||||||
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| Electronic Equipment, Instruments & Components - 2.0% |
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| Rogers Corp. (a) |
61,450 | 6,595,429 | ||||||
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| Energy Equipment & Services - 2.9% |
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| Archrock, Inc. |
173,006 | 6,020,609 | ||||||
| WaterBridge Infrastructure LLC - Class A |
125,000 | 3,348,750 | ||||||
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| 9,369,359 | ||||||||
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| Financial Services - 0.7% |
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| NCR Atleos Corp. (a) |
53,199 | 2,318,412 | ||||||
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| Food Products - 0.8% |
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| Utz Brands, Inc. |
326,524 | 2,586,070 | ||||||
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| Health Care Equipment & Supplies - 2.9% |
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| Alphatec Holdings, Inc. (a) |
470,000 | 5,113,600 | ||||||
| Merit Medical Systems, Inc. (a) |
44,000 | 3,032,920 | ||||||
| TransMedics Group, Inc. (a) |
14,415 | 1,432,995 | ||||||
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| 9,579,515 | ||||||||
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| Health Care Providers & Services - 3.9% |
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| Addus HomeCare Corp. (a) |
30,146 | 2,823,173 | ||||||
| Ensign Group, Inc. |
30,289 | 6,103,233 | ||||||
| HealthEquity, Inc. (a) |
44,387 | 3,709,422 | ||||||
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| 12,635,828 | ||||||||
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| Health Care Technology - 1.5% |
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| Phreesia, Inc. (a) |
191,952 | 1,608,558 | ||||||
| Waystar Holding Corp. (a) |
136,923 | 3,301,213 | ||||||
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| 4,909,771 | ||||||||
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| Hotels, Restaurants & Leisure - 1.4% |
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| Kura Sushi USA, Inc. - Class A (a) |
28,613 | 1,996,901 | ||||||
| Wingstop, Inc. |
15,616 | 2,420,012 | ||||||
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| 4,416,913 | ||||||||
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| Insurance - 2.2% |
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| Goosehead Insurance, Inc. - Class A (a) |
63,076 | 2,690,822 | ||||||
| Palomar Holdings, Inc. (a) |
36,545 | 4,367,128 | ||||||
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| 7,057,950 | ||||||||
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| Leisure Products - 1.5% |
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| Mattel, Inc. (a) |
344,314 | 5,002,882 | ||||||
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| Life Sciences Tools & Services - 4.0% |
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| Avantor, Inc. (a) |
238,449 | 1,869,440 | ||||||
| Charles River Laboratories International, Inc. (a) |
30,122 | 5,196,045 | ||||||
| Medpace Holdings, Inc. (a) |
12,487 | 5,996,133 | ||||||
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| 13,061,618 | ||||||||
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| Machinery - 8.5% |
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| Alamo Group, Inc. |
19,787 | 3,264,261 | ||||||
| CECO Environmental Corp. (a) |
111,030 | 6,615,167 | ||||||
| ESAB Corp. |
42,626 | 4,120,229 | ||||||
| Helios Technologies, Inc. |
38,830 | 2,512,689 | ||||||
| ITT, Inc. |
31,035 | 5,913,099 | ||||||
| Watts Water Technologies, Inc. - Class A |
18,354 | 5,327,983 | ||||||
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| 27,753,428 | ||||||||
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| Media - 2.3% |
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| Magnite, Inc. (a) |
312,980 | 3,718,202 | ||||||
| Nexstar Media Group, Inc. - Class A |
21,672 | 3,918,948 | ||||||
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| 7,637,150 | ||||||||
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| Metals & Mining - 1.9% |
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| Materion Corp. |
42,343 | 6,124,915 | ||||||
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| Oil, Gas & Consumable Fuels - 3.6% |
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| Gulfport Energy Corp. (a) |
20,708 | 4,381,192 | ||||||
| Magnolia Oil & Gas Corp. - Class A |
91,685 | 2,894,495 | ||||||
| Permian Resources Corp. |
202,836 | 4,324,464 | ||||||
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| 11,600,151 | ||||||||
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| Pharmaceuticals - 1.5% |
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| Prestige Consumer Healthcare, Inc. (a) |
80,688 | 4,782,378 | ||||||
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| Professional Services - 3.1% |
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| Planet Labs PBC (a) |
257,835 | 7,206,488 | ||||||
| Upwork, Inc. (a) |
276,747 | 3,033,147 | ||||||
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| 10,239,635 | ||||||||
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| Real Estate Management & Development - 1.8% |
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| Colliers International Group, Inc. |
24,963 | 2,668,295 | ||||||
| FirstService Corp. |
23,654 | 3,286,487 | ||||||
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| 5,954,782 | ||||||||
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| Semiconductors & Semiconductor Equipment - 2.6% |
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| Tower Semiconductor Ltd. (a) |
47,971 | 8,417,951 | ||||||
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| Software - 4.6% |
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| Braze, Inc. - Class A (a) |
134,081 | 3,165,652 | ||||||
| Cellebrite DI Ltd. (a) |
300,620 | 4,142,544 | ||||||
| Q2 Holdings, Inc. (a) |
64,205 | 3,036,897 | ||||||
| Workiva Inc. (a) |
48,843 | 2,912,508 | ||||||
| Yext, Inc. (a) |
438,568 | 1,684,101 | ||||||
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| 14,941,702 | ||||||||
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| Specialty Retail - 2.7% |
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| Academy Sports & Outdoors, Inc. |
87,015 | 4,911,997 | ||||||
| Warby Parker, Inc. - Class A (a) |
191,061 | 4,025,655 | ||||||
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| 8,937,652 | ||||||||
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| Textiles, Apparel & Luxury Goods - 1.4% |
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| Capri Holdings Ltd. (a) |
88,029 | 1,551,071 | ||||||
| Crocs, Inc. (a) |
35,875 | 2,978,342 | ||||||
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| 4,529,413 | ||||||||
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| Tobacco - 1.6% |
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| Turning Point Brands, Inc. |
58,053 | 5,038,420 | ||||||
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| Trading Companies & Distributors - 0.8% |
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| SiteOne Landscape Supply, Inc. (a) |
20,432 | 2,719,704 | ||||||
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| TOTAL COMMON STOCKS (Cost $232,423,311) |
310,699,223 | |||||||
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| SHORT-TERM INVESTMENTS |
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| MONEY MARKET FUNDS - 5.1% | Shares | Value | ||||||
| Invesco Government & Agency Portfolio - Institutional Class, 3.58% (b) |
9,570,200 | 9,570,200 | ||||||
| MSILF Government Portfolio - Institutional Class, 3.57% (b) |
6,980,439 | 6,980,439 | ||||||
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| TOTAL MONEY MARKET FUNDS (Cost $16,550,639) |
16,550,639 | |||||||
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| TOTAL INVESTMENTS - 100.5% (Cost $248,973,950) |
327,249,862 | |||||||
| Liabilities in Excess of Other Assets - (0.5)% |
(1,641,083 | ) | ||||||
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| TOTAL NET ASSETS - 100.0% |
$ | 325,608,779 | ||||||
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Percentages are stated as a percent of net assets.
LLC - Limited Liability Company
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
| (a) | Non-income producing security. |
| (b) | The rate shown represents the 7-day annualized yield as of March 31, 2026. |
Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
LKCM Small Cap Equity Fund (the “Fund”) has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2026:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments: |
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| Common Stocks |
$ | 310,699,223 | $ | – | $ | – | $ | 310,699,223 | ||||||||
| Money Market Funds |
16,550,639 | – | – | 16,550,639 | ||||||||||||
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| Total Investments |
$ | 327,249,862 | $ | – | $ | – | $ | 327,249,862 | ||||||||
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Refer to the Schedule of Investments for further disaggregation of investment categories.
Sector Classification as of March 31, 2026
(% of Net Assets)
| Industrials |
$ | 64,289,315 | 19.6% | |||||
| Financials |
52,537,694 | 16.2 | ||||||
| Information Technology |
49,005,278 | 15.1 | ||||||
| Health Care |
48,846,910 | 15.0 | ||||||
| Consumer Discretionary |
30,042,661 | 9.2 | ||||||
| Energy |
20,969,510 | 6.5 | ||||||
| Consumer Staples |
18,068,270 | 5.6 | ||||||
| Materials |
13,347,653 | 4.1 | ||||||
| Communication Services |
7,637,150 | 2.3 | ||||||
| Real Estate |
5,954,782 | 1.8 | ||||||
| Money Market Funds |
16,550,639 | 5.1 | ||||||
| Liabilities in Excess of Other Assets |
(1,641,083 | ) | (0.5) | |||||
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| $ | 325,608,779 | 100.0% | ||||||
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